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1 Press Ctrl-A ©G Dear 2010 – Not to be sold/Free to use Cost of Buying a Car Buying a Car Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

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Presentation on theme: "1 Press Ctrl-A ©G Dear 2010 – Not to be sold/Free to use Cost of Buying a Car Buying a Car Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)"— Presentation transcript:

1 1 Press Ctrl-A ©G Dear 2010 – Not to be sold/Free to use Cost of Buying a Car Buying a Car Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

2 2 Costs of Buying a Car – Choosing (1/7) End of Slide First, choose a car to buy. From: $64,703 * » Symmetrical All-Wheel Drive » 5-star ANCAP1 safety rating » Vehicle Dynamics Control system » Satellite navigation system » Rear DVD entertainment system Tribeca 3.6R Premium

3 3 8.95% p.a. over 5 yrs Calculating the Monthly Repayment (2/7) End of Slide $64,703 Tribeca 3.6R Premium - Excel Spreadsheet $1,343.13/month

4 4 Calculating the Monthly Repayment (3/7) End of Slide - Excel Spreadsheet -PMT(InterestRate, NumberOfPeriods, Principal ) 8.95% p.a.÷ 12 Monthly Interest Rate 5 years x 12 Number of Months $64,703 Money -PMT(A5/12, A4*12, A3 ) - sign for + answer 8.95% p.a. over 5 yrs $64,703 Tribeca 3.6R Premium $1,343.13/month

5 5 Calculating the Stamp Duty (4/7) End of Slide Tribeca 3.6R Premium Repay $1,343.13/month 3% of the market value up to $45,000 5% on the value over $45,000. 3% of $45,000 = Calculate Stamp Duty on a $64703 car x $45,000 =$1,350 5% of (64,703 – 45,000) = 0.05 x $19,703= $ Total = $ $ = $ Duty $

6 6 Calculating the CTP Green Slip (5/7) End of Slide Tribeca 3.6R Premium Duty $ Maximum: Zurich:$ for 12 months Minimum: GIO:$ for 12 months CTP $ Repay $1,343.13/month

7 7 End of Slide Tribeca 3.6R Premium Duty $ CTP $ Calculating the Comprehensive Insurance (6/7) Repay $1,343.13/month

8 8 End of Slide CTP $ /year Calculating the Ongoing Cost (7/7) Repay $1,343.13/month Tribeca 3.6R Premium Stamp Duty $ On Off Payment. Comprehensive $ /year Insurance x12÷ 52 = $ Weekly ÷ 52 = $ 5.60 ÷ 52 = $ 9.58 Total = $


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